CNX Resources (NYSE:CNX) Coverage Initiated at TD Cowen

Research analysts at TD Cowen assumed coverage on shares of CNX Resources (NYSE:CNX) in a research report issued to clients and investors on Wednesday, MarketBeat reports. The brokerage set a “hold” rating and a $27.00 price target on the oil and gas producer’s stock. TD Cowen’s price objective indicates a potential downside of 11.83% from the stock’s previous close.

A number of other research firms also recently commented on CNX. Bank of America began coverage on shares of CNX Resources in a report on Monday, October 28th. They set an “underperform” rating and a $34.00 price objective on the stock. Capital One Financial lowered CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price target on the stock. in a research note on Monday, October 14th. Piper Sandler raised their price objective on CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. downgraded CNX Resources from a “neutral” rating to an “underweight” rating and boosted their target price for the stock from $31.00 to $37.00 in a research report on Thursday, December 5th. Finally, Morgan Stanley started coverage on CNX Resources in a research report on Friday, January 10th. They issued an “underweight” rating and a $29.00 price target for the company. Nine equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $29.75.

CNX Resources Price Performance

Shares of CNX opened at $30.62 on Wednesday. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. The stock’s 50 day moving average is $36.83 and its two-hundred day moving average is $31.90. CNX Resources has a twelve month low of $19.07 and a twelve month high of $41.93. The firm has a market capitalization of $4.57 billion, a PE ratio of 9.63, a P/E/G ratio of 1.09 and a beta of 1.42.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. The firm had revenue of $424.21 million for the quarter, compared to analyst estimates of $398.33 million. During the same quarter in the prior year, the company posted $0.35 earnings per share. Research analysts anticipate that CNX Resources will post 1.57 earnings per share for the current year.

Insider Activity at CNX Resources

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $31.09, for a total value of $33,421,750.00. Following the completion of the transaction, the insider now directly owns 13,925,000 shares in the company, valued at approximately $432,928,250. This represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 4.65% of the company’s stock.

Institutional Trading of CNX Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNX. Sequoia Financial Advisors LLC boosted its position in shares of CNX Resources by 3.5% in the third quarter. Sequoia Financial Advisors LLC now owns 13,135 shares of the oil and gas producer’s stock worth $428,000 after acquiring an additional 442 shares during the last quarter. CWM LLC raised its stake in CNX Resources by 77.0% during the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 935 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of CNX Resources by 3.3% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 29,307 shares of the oil and gas producer’s stock valued at $712,000 after purchasing an additional 941 shares during the last quarter. Blue Trust Inc. grew its stake in shares of CNX Resources by 135.4% during the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock valued at $64,000 after buying an additional 1,131 shares during the period. Finally, GAMMA Investing LLC increased its holdings in shares of CNX Resources by 62.1% during the 3rd quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock worth $100,000 after buying an additional 1,177 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Company Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.